Excerpt from The Decline of the French Monarchy, Vol. 2: Part II
The prosperous state of commerce, and the abundance and ready circulation of capital, were excellent arguments in favor of Turgot. Money had fallen to four per cent, not, as under Louis XV., through an arbitrary measure of the govern ment, but through the natural course of events. This rate was adopted as the basis of Operations for a bank which Turgot authorized, without an exclusive privilege, under the name of the Bank of Discount, the establishment of which was regarded by the merchants with the liveliest satisfaction (march 24.
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